Lost Jitte While not as powerful as the original Jitte, Lost Jitte still brings plenty of utility to the table
While skipping one-drops is doable, especially in slower decks, not being able to play three-drops as well means that playing Gyruda, Doom of Depths as your companion essentially means that you're guaranteeing you'll cast a maximum of four mana worth of spells (two two-drops) across the first three turns of the game, which is certainly too slow for older formats like Modern and Pioneer, and likely too slow for Standard as well
Five mana is a lot but we can copy protective instants and countermagic on their turn to keep Alania around
While many commonly played artifacts are powerhouses - such as Mind's Eye or Oblivion Stone, and the card has power, it's not ubiquitously nasty like the Stronghold
Sorry, you can spare me the Transformers stories, but for anything other than that, let me know in the comments below or over in the Draftsim Discord
In Commander, Parallel Lives appears in over 212,000 decks, according to EDHREC